The 29 measures rolled out on Monday by the Shanghai municipal government for Lin-gang Special Area will facilitate the development of frontier industries and help the area further explore its role as a special economic zone by realizing more breakthroughs in institutional arrangements, said local officials.
Large scale stress tests will be conducted regarding cross-border data flow, cross-border and offshore finance, intellectual property rights protection and fair competition, according to the newly released measures.
In this sense, more pioneering supportive policies will be implemented in Lin-gang so that more successful practices can be made in this part of the China (Shanghai) Free Trade Zone. The moves will in turn help China to align with major agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, said Chen Jinshan, director of Lin-gang Special Area.
Yangshan Special Comprehensive Bonded Zone, which was unveiled in May 2020, should strengthen cooperation with markets such as Singapore, the United Kingdom and Dubai. It should further develop innovative businesses so that a better policy environment can be created for regional high-quality economic development and high-standard opening-up, said Chen.
More power will be delegated to Lin-gang in terms of industrial upgrading, urban construction, talent attraction and comprehensive law enforcement, according to the new measures.
Companies specialized in low-carbon, green energy and trade in services will be better supported. Clusters of frontier industries should be able to seek faster development. To that end, the 20-billion-yuan ($2.7 billion) technology innovation fund launched in Lin-gang in March should be better utilized, focusing on investment in smaller companies at an early stage and on key technological breakthroughs, according to the new measures.
Ruan Qing, deputy director of Shanghai Municipal Development &Reform Commission, said smart connected cars should be promoted in Lin-gang while a high-level, low-carbon green data center should be set up in the area.
Zhang Hongtao, deputy director of Shanghai Municipal Commission of Economy and Informatization, said that Lin-gang should lead the way in breakthroughs in terms of driverless tests, driverless equipment and commercial operation of smart connected vehicles.
In terms of the development of artificial intelligence, world leading algorithm innovation should be introduced in Lin-gang. Energy storage technologies featuring longer usage lives, higher safety standards, larger capacity and lower costs will be another highlight in Lin-gang. Healthcare companies should seek breakthroughs in terms of cell and gene therapy, said Zhang.
Trade in services should also seek substantial development in Lin-gang, said Shen Weihua, deputy director of the Shanghai Municipal Commission of Commerce. Therefore, Lin-gang will be supported to build an international board at the international trading center of the Shanghai Technology Exchange. Foreign institutions will be encouraged to invest in Lin-gang-based technologically advanced companies via the qualified foreign limited partner program.
Officially included as part of the Shanghai FTZ in August 2019, Lin-gang Special Area has seen its average annual GDP growth rate stand at 21.2 percent over the past four years.